M.K. Could presented his wonderful case to TTY's shareholder to dismiss the noise of overpaying.
Overpaying? Come on. It is a steal. we can easily borrow it to show how cheap we have been offered.
Here is M.K. /TTY's true deal:
Sell off CSM's nickel asset for $400m;
Sell off CSM's investment in JML and BCI for $200m
Within 24 months, EBITDA from manganese, and Chromite would be another $400m.
Effectively, asset sales could easily raise $2.7 per share, and 350m TTY shares has got a great manganese and chromite business with $400m EBITDA for two years. It is a dream deal for TTY!
Based on analysis, TTY could easily pay out $3+1.5TTY shares, or $2.5+2TTY shares.
Just read M.K.'s lips, TTY will increase the offer, or get lost. If anyone cannot see it, I cannot help.
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CSM
cosmo gold limited
macquaire recommendation, page-4
Currently unlisted. Proposed listing date: TBA
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